Insurance Department Regulation No. 60New York State Investors who have purchased insurance contracts have been subject to unnecessary requirements imposed by replaced insurers on replacing insurers. This fraudulent tactic includes the improper, suggested requirement of the provision of non-required documents and information purportedly needed to complete a Disclosure Statement as required under Department Regulation No. 60.
Unfortunately, replaced insurers have been attempting to slow down or prevent the replacement of existing contracts by demanding various categories of non-required information including supplemental documents, forms and calculations (e.g. illustrations, comparisons). Oftentimes, these items are requested without appropriate explanation.
Such improper conduct serves to delay the replacement of policies with replaced insurers claiming that they have not received properly completed Disclosure Statements pursuant to Section 51.6(b)(4) of Department Regulation No. 60. Big picture, such improper additional non-required surrender information requirements may not be placed on a policyholder surrendering their coverage in a replacement transaction.
We offer a free initial consultation to insurance policyholders, including whole life, fixed annuity contract and variable annuity contract holders who have been harmed by wrongful delaying tactics of replaced insurers. For a free initial consultation contact the Law Offices of Timothy J. O'Connor at (518) 426-7700.